Mad Catz Interactive’s Losses $4.5 Million in Quarter

Tuesday, November 12, 2013

Mad Catz Interactive Inc., a maker of video game accessories, saw its net loss for the second quarter of its fiscal 2014 increase tenfold to $4.5 million — up from $450,000 in the like quarter of fiscal 2013.

The loss accompanied declines in revenue for the San Diego-based company, which reported second-quarter sales of $17.8 million, down 43 percent from the like period of last year. For the company’s recent six months, Mad Catz (NYSE MKT: MCZ) had total sales of $36.5 million, down 31 percent from the like period of the last fiscal year.

Its net loss for the first half was $6.6 million, compared with a net loss of $2.1 million in the first half of fiscal 2013

CEO Darren Richardson said the results were impacted by the ongoing console transition associated with the upcoming launches of the Xbox One and PlayStation 4 gaming consoles. The rollout of both consoles this holiday season should spur sales from new and legacy users, he said.